During a Wednesday episode of CNBC's "Squawk on the Street," superstar Wall Street commentator Jim Cramer stated that Bitcoin would be able to hold up during a financial crisis.
Cramer has revealed that he is buying "a lot of" Bitcoin due to his concerns about the ballooning US deficit.
"I buy it a lot because I am very worried about the deficit," Cramer told co-host David Faber.
The U.S. now has a whopping $37 trillion in debt, and some Bitcoin proponents are certain that the passage of the new tax and spending bill will exacerbate the problem.
The former hedge fund manager says that he wants to own Bitcoin for his kids.
As reported by U.Today, Cramer, who used to be a crypto skeptic, was convinced to finally purchase the leading cryptocurrency by prominent influencer Anthony Pompliano.
Vladislav Sopov
U.Today Editorial Team